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ok im in Miami and looking to purchase a few investment real estate properties. I am a cash buyer.
I have been looking for a few months but it seems I am always late or underbid.
I have been told to start bidding at about 10% below asking price but it seems every time I do that I lose the house.
After a few months of frustration now I am being told to always submit an offer for the asking price so that it is taken off the market ( pending contract ) and than I can always negotiate down from this price after inspection, etc.
Another thing I am finding is that properties go into "pending" the same day they appear on the MLS. How is this possible?
Are banksters and realtors scoping these properties from way before and already have buyers lined up way before the hit the MLS? then since they have to list them by law they are "pending" in a matter of hours?
I have even heard that realtors take a kick back in order to prioritize your offer over others that could come in.
There seems to be a whole underground method on how things are really done, at least in Miami.
I saw a house the day after it was listed and offered full price. I was lucky my agent saw it. It is perfect for me, immaculate, and a reasonable price for what it is. I am not the only buyer like this out there.
Agents in large brokerages share their upcoming listings with the in-house agents at the weekly meetings. Agents within the brokerage will have a heads up on those properties for their clients and can have offers ready to submit immediately. That is how they go pending the same day.
Some brokerages also keep the listings in-house for a week before putting them on the MLS. it just depends on the brokerage policy and listing agreements.
Is a home that pends the same day it is listed giving the home enough on market exposure time to decide true market value of the property, maybe, maybe not. Would it have brought a higher selling price, guess the seller will never know with only a day or so on the market.
Banks understand this and require homes to be listed either on a Thursday giving weekend exposure or state plainly in the MLS that offers will not be presented for 'X' number of days.
In Orlando highest and best is the norm but there are a number of same day pending's that I just don't understand especially in the mini sellers market we have entered into.
It's all part of the job of being an investor. I search the MLS then view and bid on many things I don't end up buying. You get outbid and you just move on and keep looking. I have even had someone outbid me and back out during escrow because they realized they payed too much and then I bought it. Just stay on top of things.
I don't think you can use a blanket strategy of offering 10% under asking price. I am in Fort Lauderdale and in my area well priced properties are selling for close to the asking price. While there are properties on the market for a long time most of those are grossly over priced.
You need to see things immediately and offer close to market value.
I don't think you can use a blanket strategy of offering 10% under asking price. I am in Fort Lauderdale and in my area well priced properties are selling for close to the asking price. While there are properties on the market for a long time most of those are grossly over priced.
You need to see things immediately and offer close to market value.
I don't know the Florida market, but the seeing things immediately part is very important anywhere.
It's all part of the job of being an investor. I search the MLS then view and bid on many things I don't end up buying. You get outbid and you just move on and keep looking. I have even had someone outbid me and back out during escrow because they realized they payed too much and then I bought it. Just stay on top of things.
Agree with above. My last two purchases I bid without ever viewing the property. Saw the listing and phoned my agent and said "send in a documsign offer now with a 5 day inspection period!"
Agree with above. My last two purchases I bid without ever viewing the property. Saw the listing and phoned my agent and said "send in a documsign offer now with a 5 day inspection period!"
Iv' done that once or twice when the listing agent just isn't responsive. I looked in windows and made an offer. I always put something in the contract that buyer can cancel for any reason during inspection period, since I might actually be viewing the house for the first time then.
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